Eastern Union Funding cashes out client’s full equity in 18 months
IRONDALE, AL — Eastern Union Funding, the country’s most trusted debt brokerage, arranged a long-term loan refinancing an Alabama multifamily on behalf of Brooklyn-based investment company PF Holdings.
Eastern Union’s David Metzger and Nate Hyman originated and arranged a non-recourse 12 year loan with Arbor Commercial Mortgage. The pair also structured $7.9 million in financing for the initial acquisition, late in 2013. However, when the property’s upside potential was realized, Metzger and Hyman negotiated a deal replenishing the full capital stack—a loan which exceeded the purchase price by nearly $1 million.
The property, Sunrise Pointe Apartments, is located at 7716 Sunrise Circle in Irondale and houses 344 units.
“This deal was a testament to growth. When we did the acquisition loan, the client bought the property for $9.2 million, and 18 months later we refinanced him at $9.9 million,” Hyman said. “It’s exciting to facilitate growth at this pace.”